Intervention continuing in Asian currencies; should be EUR/USD positive over time

The MAS bought around $2billion on one day recently at 1.2200 and have been regularly intervening in USD/SGD and today the HKMA announced that they bought almost $2billion USD/HKD in a 4 day period. They are of course not alone in Asia and many of these USD purchases will be recycled into EUR/USD particularly but also into GBP and AUD, CAD etc.

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